UK luxury carmaker Aston Martin—best known for appearing in the James Bond films—has announced plans to float on the London Stock Exchange. Luxury carmaker Aston Martin plans to float on the London Stock Exchange, completing a turnaround for the once perennially loss-making company that could now be valued at up to STG5 billion ($A8.8 billion).
The 105-year old firm, famed for making the sports car driven by fictional secret agent James Bond, would become the first British carmaker to list in London for years, following the sale of brands such as Jaguar and Bentley to foreign owners. The initial public offering (IPO), which follows Italian rival Ferrari's New York flotation in 2015, could see Aston valued at up to STG5 billion, sources have told Reuters, after it expanded its model line-up and production.
The firm, which last year made its first profit since 2010, said the IPO would involve a sale of shares by its main owners, Kuwaiti and Italian private equity groups, with at least 25 per cent of the stock to be floated.
It said it had filed a registration document with Britain's Financial Conduct Authority, a requirement for firms considering an IPO. Pending a final decision, a prospectus will be published on or around September 20.
The carmaker hopes to complete the flotation this year, the same target that British Prime Minister Theresa May is working towards to agree a deal for leaving the European Union. Aston Martin sells roughly 25 per cent of its cars to the EU and operates its only plant in Gaydon, central England, with a second one due to begin operations in Wales in 2019. "We can demonstrate that Brexit is not a major effect for us," Chief Executive Andy Palmer told Reuters.
"If there is a tariff into Europe, it's countered by a tariff into the UK for our competitors so you might lose a little bit of market share in the EU but you pick it up in the UK."
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